Copied from edisoncarter's website (and so is the quote from the news post):

v0.7 release notes:

Helicopters can now break the height limit.

Gameplay Speed is the same thing that's controlled by the Faster Gameplay and Slower Gameplay button cheats. In LCS, gameplay will only speed up as much as the CPU can keep up, so it usually doesn't achieve full 2x speed, let alone higher speeds. 333MHz can help that. It also won't go slower than a minimum speed.

Walking Speed makes you move faster on foot. 2.5 is a good choice for quicker walking. Higher values can be hard to control and work like walk-through-walls. You can moonwalk by setting a negative value.

With Bikes Can Drive on Walls, whatever direction the bottom of your tires is facing is the direction of gravity for you.

You can now set gravity to any amount you want. The gravity setting persists after CheatDevice exits, so you can enter multiplayer with modified gravity. Press X to turn on the button control up=reverse.

Freeze Everything works like it did in San Andreas.

Gravity and Freeze Everything don't always apply to all vehicles, only aggressive drivers and cars you've touched. You can use this to simulate the Bubble Cars cheat from San Andreas. With zero gravity, cars you touch float away. Bikes Can Drive on Walls gives you your own personal gravity on bikes, while everyone else is subject to zero gravity. You'll probably also want Heavy Bike to make it more fun.